Overseeing tenant-related affairs, such as move-ins and move-outs, is typically a step-by-step process that requires knowledge, time, and attention. Background screenings, applicant selection, leasing, and inspections are a few duties landlords must fulfill when choosing and moving in a new tenant. While also completing walkthrough evaluations, making repairs, and returning security deposit checks tend to follow a tenant’s departure. If you’re unable to supervise move-ins and move-outs, searching for qualified, experienced rental management companies to maintain the value of your investment in your absence can prove beneficial. Without the burden of managerial duties, you’ll have the opportunity to tend to other aspects of your personal and professional life. A competent property manager will possess the training and know-how to fulfill all necessary tasks in your stead.
Leasing to New Tenants
Screenings, interviews, and reference checks are typically performed by property managers to assess a prospective tenant’s risk level and ability to make payments. Once an individual who has passed screenings has been selected for residency, a property manager will draw up a lease, review its terms and conditions, and have the tenant sign. Afterward, a thorough inspection of the home or unit is completed to ensure the tenant has a clear view of the property’s condition and understands that any new damages will be seen as their responsibility. Rental management companies typically ask new tenants to sign a verification statement so that any security deposit issues down the road can be easily rectified. Lastly, first month’s rent and security deposits are collected by a property manager and forwarded to the owner.
Preparing a Vacancy
Once a home or unit becomes available to be placed back on the market, a rental manager will quickly begin fulfilling the tasks that follow a tenant’s move-out. Walkthrough inspections are completed immediately after to gauge the estimated cost of any damages the previous renter may have done to the property. After an inspection report is filled out, the projected amount is deducted from the tenant’s security deposit and returned to them with a copy of the report. The remaining portion of the deposit is given to the property owner to cover the costs of repairs, upgrades, and sanitation.
Real Property Management is a leading rental management company that offers a lengthy list of services to investors, including screenings, selections, leasing, inspections, and much more. Click here to see if RPM is right for you and your investment.
